Credit, Collections & Insolvency News
Teachers Building Society has announced the appointment of Julie Nicholson as its new Chair of the Board of Directors, succeeding current Chair, Roy Spragg, when he completes his term of office at the end of April. Julie will be officially appointed as Chair on 26 April 2018. Nicholson has been a Non-Executive Director at Reliance…
Read moreThe Financial Conduct Authority (FCA) has said that it will continue investigations into the “risk of harm” posed by motor finance. In its motor finance investigation, the FCA revealed that it had already concluded that “the largest lenders’ approach to credit risk and asset values appears robust” and that “consumers in the lowest credit score…
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Banks and card companies prevented £1,458.6 million in unauthorised financial fraud last year, equivalent to £2 in every £3 of attempted unauthorised fraud being stopped, the latest data from UK Finance shows. In 2017, fraud losses on payment cards fell 8 per cent year-on-year to £566.0 million. At the same time, card spending increased by…
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The number of remortgages in January 2018 reached a nine-year high while the number of first-time buyers and home movers both increased compared to the same period in the previous year, UK Finance’s latest mortgage trends update reveals. There were 49,800 new homeowner remortgages completed in January 2018, some 19.1 percent more than in the…
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The latest mortgage lending statistics have been published by the Bank of England. The statistics show that new residential mortgage lending activity decreased in Q4 2017 from the previous quarter. In total, £69.1 billion of new residential loans were advanced to individuals during the quarter. This was a 2.5% decrease compared to the previous quarter,…
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The total value of small claims judgments in Northern Ireland soared last year to the highest levels since 2012, according to figures released today by Registry Trust. There were 8,742 small claims judgments in 2017, 19 percent more than the previous year. The average small claims judgment increased 18 percent to £2,248; combined these increases…
Read moreProvenir has announced the implementation of its risk decisioning and data sciences platform with YapStone, an international Payments-as-a-Service (PaaS) solution provider. To date, YapStone has implemented the Provenir decisioning engine for its Know Your Customer (KYC), Anti Money Laundering (AML), and fraud and risk assessments. Bruce Dragt, EVP of Product at YapStone said “YapStone maintains a…
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UK consumers are starting to cut back on spending as their personal finances are coming under increasing strain, according to new research by GlobalData. GlobalData’s UK consumer survey found that from January 2017 to January 2018, the net difference between respondents agreeing/disagreeing with the statement, ‘I am visiting the shops less often these days because I…
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Irish Credit unions have been accused by the Central Bank of issuing loans without assessing if members are able to repay the borrowings. A new Central Bank report found “a concerning number of governance and operational risks still need to be addressed”. Since 2012, close to 700 on-site engagements took place in credit unions. The…
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UK consumers are being put at risk of fraud because banks are “seriously lagging behind international competitors” when it comes to security according to new research by GBG. The research also finds that UK financial services organisations are failing to invest and not keeping up with digital investment seen in other sectors. While other countries…
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The Financial Conduct Authority (FCA) has today published a discussion paper on transforming culture in financial services which presents views from academics and industry thought leaders. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector. The paper is a set of essays that discuss what a…
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There were more County Court Judgments (CCJs) against consumers in England and Wales during 2017 than any other year since current records began in 2005, according to figures released today by Registry Trust. In 2017, 1,138,058 judgments were registered against consumers in England and Wales. Rising almost a quarter on 2016, the total number of…
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Experian has announced that it is introducing a new seamless process for loan applications, delivering significant time savings for consumers. The new journey integrates the loan purchase experience into one place, with customers having to enter far fewer details because Experian’s data insights allows it to pre-populate the relevant information. As well as being given a…
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